Description of the share buyback program
DESCRIPTION OF THE ACTION REDEMPTION PROGRAM
AUTHORIZED BY THE ORDINARY GENERAL MEETING OF SHAREHOLDERS JULY 6, 2021 AND IMPLEMENTATION IN ACCORDANCE WITH A reELEGATION FROM THE ADMINISTRATION BOARD‘ MEET OF
JULY 6, 2021
This description was drawn up in accordance with articles 241-1 and 241-2 of the general regulations of the Financial Markets Authority and in accordance with the provisions of Delegated Regulation (EU) 2016/1052 of 8 March 2016.
- Date of the General Meeting which authorized the action redemption program and its implementation
Given the continued rise in the Company’s share price, which in recent weeks has exceeded the maximum purchase price approved by shareholders at the General Meeting of April 22, 2021, a new authorization for Kering to purchase its own shares under the share buyback program was approved by the Ordinary General Meeting of July 6, 2021 (single resolution). It is implemented by virtue of a delegation from the Board of Directors of
July 6, 2021.
- Number of ssecurities and share of capital held directly or indirectly
As of July 6, 2021, the number of shares held directly or indirectly by Kering was 299,211, that is to say, 0.2% of the share capital.
- Objectives of sharing redemption program
The objectives of the share buyback program approved by the General Meeting of July 6, 2021 are as follows:
- cancel all or part of the shares acquired under the conditions and within the limits provided for in Article L. 22-10-62 of the French Commercial Code; or
- use all or part of the shares acquired to meet the obligations related to stock option plans, existing free share allocation plans, share allocations under employee incentive plans and to all other allocations of shares to employees or executive corporate officers, including savings plans for employees and executive corporate officers of the Company and / or companies, in France and / or abroad, which are or will be linked to it under the conditions provided for by law, and to assign them or allot shares in accordance with French or foreign laws and regulations; or
- ensure liquidity or support the secondary market in shares through an investment services provider, acting autonomously under a liquidity contract in accordance with the Code of Ethics recognized by Financial Markets Authority; or
- allow investments or financing to be carried out by subsequent delivery of shares (in exchange, in payment or otherwise) as part of external growth, merger, demerger or contribution operations; or
- deliver shares upon the exercise of rights attached to securities giving the right to the allocation of Company shares by redemption, conversion, exchange, presentation of a warrant or in any other way.
- Maximum proportion of share capital, maximum number, characteristics and maximum purchase price of shares and maximum amount of money allocated to the program
As of July 6, 2021, Kering’s share capital amounted to â¬ 500,071,664, divided into 125,017,916 shares.
The General Meeting of July 6, 2021 set the maximum portion of the share capital that Kering can hold at any time at 10% of the number of shares making up the share capital, that is to say, to date, a maximum of 12,501,791 shares. Given the number of Kering treasury shares at
On July 6, 2021, Kering could acquire 9.8% of its own shares.
The maximum purchase price set by the General Meeting of Shareholders is 1,000 euros per share, excluding acquisition costs, bringing the maximum total amount allocated to the share buyback program to 12,501,791,000 euros.
- Term from redemption program
The duration of the program is set at 18 months from the General Meeting of July 6, 2021, that is to say, until January 6, 2023.
- Preview of the previous one redemption program
As part of the previous share buyback program authorized by the General Meeting of Shareholders of April 22, 2021 (fourteenth resolution), the Board of Directors decided to implement a share buyback program within the limit of 10% of the share capital, over a period of 18 months, at a maximum unit purchase price of â¬ 700. As part of this program, 42,530 shares were bought back at an average price of â¬ 687.97 per share, representing 0.03% of the share capital, and 11,042 shares were sold at an average price of â¬ 674.05 per share , representing 0.01% of the share capital.
- Liquidity agreement
Kering entered into a liquidity contract that entered into force on February 13, 2019. This liquidity contract complies with the regulations relating to liquidity contracts and the professional code of ethics established by the French Association of Financial Markets (AMAFI), approved by the Authority of marchas Financial.
- Open positions in derivatives
As of July 6, 2021, Kering does not hold any purchase options on its shares.
In accordance with article 241-2, II of the General Regulations of the Authority of marchas Financial, during the implementation of the buyback program, any significant modification of any of the information listed in paragraphs 3, 4 and 5 above will be brought to the attention of the public as soon as possible in accordance with the terms set out in article 221-3 of these General Regulations.
Global Luxury Group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watchmaking: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo , Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits on their creative expression while shaping the luxury of tomorrow in a sustainable and responsible manner. We capture these beliefs in our signature: âEmpowering Imaginationâ. In 2020, Kering had more than 38,000 employees and generated sales of 13.1 billion euros.
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